Barwa Real Estate Group extends the agreement to sell Janadriyah land in the Saudi capital, Riyadh, for an additional 50 days

11-07-2021


Barwa Real Estate Group announced the extension of the agreement to sell the plot of land owned by Wahat Riyadh Real Estate Company "wholly owned by Barwa Group", for an additional 50 days. The agreement will be extended with all its terms and conditions, provided that the sale process is completed and registered with the notary when all the terms and conditions of the agreement are fulfilled and the rest of the sale price is paid within a period not exceeding 50 days from the date of signing the extension of the sale agreement extension, as Al Riyadh Oasis, an amount of 30 million Saudi riyals as a deposit for sale.
As previously announced, the total selling price is 742,380,100 Saudi riyals (seven hundred and forty-two million, three hundred and eighty thousand and one hundred Saudi riyals), excluding real estate tax. As the aforementioned land was purchased in 2016, with a value of 659,277,850 Saudi riyals, in addition to other amounts spent on developing the land as well as financing costs.
As previously announced, all financial terms of the agreement and its financial impact and the estimated amounts of profits resulting from the sale transaction will be announced after the completion of the sale process and emptying the land to the buyer, enabling the company to accurately calculate all costs and expenses related to the land.
It should be noted that there is no conflict of interest between the contracting parties in this agreement and that the extension of the contract term has no impact on the company's financial statements.


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